What would be the long-term oil prices at equilibrium where the supply meets the demand? The following chart shows the historical ratios of gold prices over oil prices from 1969 to 2015. The current ratio is 36 ( Gold price=$1,155 and oil price=$32 so, the ratio is 36= $1,155/$32) so, if the gold price stays at $1,155, then long-term oil price would be estimated at $75 by using the historical average ratio (15.3). The oil prices would rise to around $70 if either Saudi or U.S. shale producers cut the oil productions, but this is expected to take time.